1. Siegel, Marvin RN, CRNI(R)

Article Content

INS' fiscal and calendar year ending December 31, 2008, was a tremendous success on many different levels. An increase in membership, additional educational resources, an expansion of our webinar programming, and continued financial growth are all key components that highlight our strength and commitment to our membership and the infusion community. We are extremely proud of these accomplishments and thankful to our entire membership for its support.

Figure. Marvin Siege... - Click to enlarge in new windowFigure. Marvin Siegel

As secretary-treasurer, I am delighted to report that INS once again enjoyed a financially successful year. 2008 resulted in an increase in operating income of $364,364 and an overall change in net assets of $186,153. Despite the many challenges that our economy has faced and continues to face, INS was able to keep the organization moving forward, develop and provide additional educational opportunities for our members, contribute to our financial reserves, and position ourselves for continued financial and educational growth. The success that we have had is directly attributed to the support and commitment of our ever-growing membership.


The following are some key items that contributed to INS' performance in 2008.



The INS membership experienced its fifth consecutive year of triple-digit growth. An additional 122 members brought the INS membership total to 5951 at the end of 2008. Since January of 2004, the INS membership has increased by 17%. In that time, we have dramatically increased the number and type of educational offerings to our members while keeping a tight control over expenses.


The enhancement of the INS Web site and the development of a Membership-Exclusive section on the site have greatly enhanced our efficiency. These improvements have enabled us to reach out to the membership quickly, effectively, and at a reduced cost. In addition, a renewed emphasis on the use of electronic communication, such as broadcast e-mails, has helped us in our membership recruitment and retention efforts.


In 2008, INS continued its use of the Allegiance for Associations program to survey the membership on why they chose to join INS and why they remain members. A majority of our members point to INS' ability to provide information that is not available anywhere else as the key reason for being a member. We are pleased with these results and continue our work of developing and providing additional professional development opportunities.


Lastly, we are especially pleased to report that INS membership dues remained at $90 in 2008. Amidst these most financially challenging times, INS has been able to keep membership dues constant. Our ability to keep a tight control on expenses while continuing to look at other revenue enhancements has enabled us to keep membership dues at $90 for the 12th consecutive year.



Meetings played an integral part in INS' financial success in 2008. Revenues associated with meetings increased by almost 28% over 2007. Overall, meetings-related profit increased by an amazing 47% and represents the largest single-year profit in INS history. This was accomplished without having to increase attendee registration fees.


The areas that contributed the most to this surplus were the increased number of exhibitors and sponsors. Exhibit booth sales increased by 20% in 2008, while a wide array of sponsorship opportunities for both the Annual Meeting and the National Academy provided additional revenue streams that previously did not exist. As a component of the overall financial statement, meetings accounted for 54% of overall revenues in 2008 and remain a key financial component for INS.



The creation of this separate business segment in the last quarter of 2007 yielded many positive results in 2008. Infusion Education Services, or IES, was developed as a means to create unique educational programs and consulting services through expanded business development opportunities. INS' webinar programming is an example of one of the IES-related activities that played a role in INS' financial and educational success in 2008. More than 1000 people participated in 1 of the 6 separate webinars that were offered. In addition to the live presentations, all programs were archived on the INS Web site for future viewing. The sponsorship model that was created by INS gave all INS members free access to the programs. This is another example of the wide range of benefits available with INS membership. Overall, IES accounted for 9% of total revenues.



Infusion nursing certification remains an integral component of INS' mission. We are committed to serving as a champion of INCC's certification program. Part of that commitment was in the form of a $120,000 support grant approved by the INS Board of Directors. INS has had this grant program in place for several years and is committed to continuing its support of infusion nursing certification.



Despite the challenges in the overall equity market, INS was able to continue contributing to its reserves in 2008. Realized gains of $56,000 helped provide additional revenue to INS in 2008. The unrealized loss on investments in the amount of $178,000 represents the market-value decrease, on paper, of our overall portfolio. As the economy begins its slow recovery, our finely crafted investment strategies and programs will be well positioned for a positive return.


In conclusion, an independent accounting firm audited the INS financial statements for the year ending December 31, 2008, and issued a clean opinion.


On behalf of the INS Board of Directors, I would like to extend our thanks to all our loyal members for their continued support of INS and the infusion specialty.